HELOCs are definitely a good option for financing BRRRRs.

Thank you,Jerry Jerry, I recommend getting in touch with an experienced broker who can educate you on all the possible options in the investment space for cash-out refinances.

Your best option is to terminate the current manager and switch to one with better processes and communication.

I'm curious why you want a HELOC instead of a conventional loan in the first position.

Are there other creative options I haven’t considered?

You've only owned it six months, so you probably haven't dealt with vacancies, maintenance, or capex, but you should be setting money aside for those things.Your partnership agreement (if you have one) should address exit options.

I think there's a path to refinance that would flip me into positive cash flow, but I'm coming up short on ideas. 

Once the city gives direction, then start to look at available options and penciling out the numbers to see what makes the most sense.  

While it's positive after expenses and has potential for improvement in year two, it’s been a bigger hassle than anticipated and taking attention from other priorities and areas of our life with not enough return. 

Like Devin said, double digit rates and you could still have fees similar to a first position mortgage.